106 T.C. No. 7
UNITED STATES TAX COURT
MICHAEL W. AND CHARLOTTE S. PHILLIPS, Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 4745-94. Filed March 7, 1996.
Ps contend that they avoided recapture of an
investment credit claimed with respect to property of a
partnership subject to secs. 6221 through 6231, I.R.C.,
as a result of filing an amended return revoking the
credit subsequent to the disposition of the property.
Held: The amended return was ineffective because it
did not conform to the requirements of an
administrative adjustment request under sec. 6227,
I.R.C. Held, further, Ps were required to take into
account their distributive share of the partnership
investment credit, and conversion of their partnership
items to nonpartnership items pursuant to the filing of
a bankruptcy petition did not affect this obligation,
nor preclude R’s use of a prospective partnership level
settlement as the basis for computing Ps’ personal tax
liability.
Joseph B. Schimmel and Alan R. Chase, for petitioners.
Ellen T. Fribourg and James P. Dawson, for respondent.
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